High inflation, low fiscal revenues hinder nation’s economic growth/investments – Onyema

Nigerian Exchange group (NGX group) has said that high inflation and low fiscal revenues have continued to hinder economic growth and possible investments in the country.

Group Managing Director/Chief Executive Officer Nigerian Exchange group, Mr. Oscar Onyema disclosed this in Lagos while delivering keynote address at the City Businessnews summit/award 2023.

He said the economic situation of Nigeria gives rise to the need to explore other options of generating revenue and attracting investors both locally and internationally.

He said one of the key areas that could boost the economy as well as create enormous opportunities for investors is the Capital Market, adding that investing in the capital market gives the nation an opportunity to unlock new avenues for economic growth and development.

Describing capital market is a key driver of economic growth and supports the overall economic objective of sustainable development, he said It facilitates the flow of household and business savings to finance investments in the real economy and also provides individuals and organizations with new investment opportunities, creates wealth,

and serves as an avenue for the government to fund critical national development programmes.

He said funding sourced from capital

markets, either exclusively or as a complement to bank-based financing, helps companies and entrepreneurs grow quickly and take on innovation projects and/or expand geographically with more flexible and efficient funding models.